Hide your wallets, taxes could be going up after Christmas! One of President Donald Trump’s greatest economic accomplishments of his first term, the Tax Cuts and Jobs Act, expires at the end of this year. Only 6% of Americans are aware that these tax cuts could be stripped away, and if they disappear, that’s a major problem for families and the Republican Party.
With historically high inflation rates and the sharp increase in energy and food costs gifted to us by the Biden administration, Americans have been struggling to get by these last few years. Since the end of Trump’s first term, the average price of milk has risen 36%, ground beef has gone up 42%, gas is up 45%—and that’s not even half an average grocery list.
Trump understood that in order for our economy to thrive once again, he had to cut taxes. He got to work by wrangling the GOP to introduce the Tax Cuts and Jobs Act, and miraculously, got it through both chambers of Congress in 2017.
While it’s common knowledge that tax cuts bring a boon to the economy as consumers with more money in their pockets reinvest it into the marketplace, the remarkable growth in business investments and in the labor market (including increased jobs and increased mobility within existing jobs) from the act surprised everyone. Wages alone were $1,400 above trend in 2018—and that was just the first year of implementation.
It didn’t just stop there. The act cut taxes in every income group, so every individual tax rate got a break. The average cut received in 2018 was $1,400, which meant you could get a PlayStation 5 Pro, take your girlfriend out to a nice dinner, and still have something left over—everyone wins! […]
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